Blundell, Pistaferri, and Preston (American Economic Review, 2008, 98(5), 1887-1921) report an estimate of household … consumption insurance with respect to permanent income shocks of 36%. In replicating findings for their model and data, we find … maximum likelihood estimation (QMLE), which produces a significantly higher estimate of consumption insurance at 55%. For sub …

shocks at country and regional level. I compute insurance capacity using the Spanish Continuous Family Expenditure Survey … panel data information. I find some partial insurance for permanent shocks and a downward bias when imputed data are used … obtain that durable purchases are a source of insurance with respect to transitory shocks and the effect of family income …